Wyndham Hotels & Resorts, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wyndham Hotels & Resorts, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

WYNDHAM HOTELS & RESORTS, INC. (WH) filed a Annual Report (10-K) with the SEC on February 15, 2024. Wyndham Hotels & Resorts, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data and business segments are detailed within the report. The company's principal business address is 22 Sylvan Way, Parsippany, NJ 07054. The report includes information on trademarks and franchise agreements as intangible assets.

Why It Matters

For investors and stakeholders tracking WYNDHAM HOTELS & RESORTS, INC., this filing contains several important signals. This 10-K filing provides stakeholders with the most up-to-date and comprehensive financial and operational data for Wyndham Hotels & Resorts, Inc. for the fiscal year 2023, crucial for investment decisions and performance analysis. The detailed segment information and financial metrics within the report allow investors to understand the company's revenue streams, profitability, and asset base, offering insights into its strategic direction and market position.

Risk Assessment

Risk Level: medium — WYNDHAM HOTELS & RESORTS, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the hotel industry can be sensitive to economic downturns and competition, which are inherent risks not fully detailed in this header information.

Analyst Insight

Review the detailed financial statements and segment performance within the full 10-K to assess Wyndham's revenue growth, profitability trends, and debt levels for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Filed as of date)
• 7011 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• WYNDHAM HOTELS & RESORTS, INC. (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-15 (date) — Filed as of date
• 22 SYLVAN WAY (address) — Business address
• PARSIPPANY (location) — Business address city
• NJ (location) — Business address state
• 07054 (postal_code) — Business address zip
• 973-753-7791 (phone_number) — Business phone

FAQ

Industry Context

Wyndham Hotels & Resorts operates within the hotel and lodging industry, providing a range of hotel brands and management services.

Regulatory Implications

The filing is a standard 10-K, a mandatory annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Royalties and Franchise Fees, Marketing Reservation and Loyalty, Hotel Management Services, etc.) for 2023.
2. Examine net income and EPS trends from the income statement for the fiscal years 2023, 2022, and 2021.
3. Review the balance sheet for key financial health indicators such as total assets, total debt, and cash position as of December 31, 2023.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Previous filings would cover prior periods.

Key Financial Figures

• $0.01 — ch registered Common Stock, Par Value $0.01 per share WH New York Stock Exchange

Filing Documents

• wh-20231231.htm (10-K) — 2320KB
• wh-ex49_20231231x10k.htm (EX-4.9) — 35KB
• wh-ex1025_20231231x10k.htm (EX-10.25) — 88KB
• wh-ex211_20231231x10k.htm (EX-21.1) — 30KB
• wh-ex231_20231231x10k.htm (EX-23.1) — 2KB
• wh-ex311_20231231x10k.htm (EX-31.1) — 9KB
• wh-ex312_20231231x10k.htm (EX-31.2) — 9KB
• wh-ex32_20231231x10k.htm (EX-32) — 6KB
• wh-ex97_20231231x10k.htm (EX-97) — 34KB
• wh-20231231_g1.jpg (GRAPHIC) — 34KB
• wh-20231231_g2.jpg (GRAPHIC) — 31KB
• wh-20231231_g3.jpg (GRAPHIC) — 24KB
• wh-20231231_g4.jpg (GRAPHIC) — 30KB
• wh-20231231_g5.jpg (GRAPHIC) — 25KB
• wh-20231231_g6.jpg (GRAPHIC) — 1620KB
• wh-20231231_g7.jpg (GRAPHIC) — 131KB
• 0001722684-24-000006.txt (&nbsp;) — 16551KB
• wh-20231231.xsd (EX-101.SCH) — 72KB
• wh-20231231_cal.xml (EX-101.CAL) — 105KB
• wh-20231231_def.xml (EX-101.DEF) — 443KB
• wh-20231231_lab.xml (EX-101.LAB) — 924KB
• wh-20231231_pre.xml (EX-101.PRE) — 679KB
• wh-20231231_htm.xml (XML) — 1902KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 22

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

Reserved

Item 6. Reserved 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42

Controls and Procedures

Item 9A. Controls and Procedures 43

Other Information

Item 9B. Other Information 43

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 44

Executive Compensation

Item 11. Executive Compensation 44

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 44

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 44 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 45

Form 10-K Summary

Item 16. Form 10-K Summary 45

Signatures

Signatures 46 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report" or "report") contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our views and expectations regarding our strategy and the performance of our business, our financial results, our liquidity and capital resources, share repurchases and dividends and other non-historical statements. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements other than with respect to statements made in connection with the unsolicited exchange offer by Choice Hotels International, Inc. ("Choice") to acquire all outstanding shares of our common stock (the "Exchange Offer"). Forward-looking statements include those that convey management's expectations as to the future based on plans, estimates and projections at the time we make the statements and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "intend," "goal," "future," "outlook," "guidance," "target," "objective," "estimate," "projection" and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Factors that could cause actual results to differ materially from those in the forward-looking statements include without limitation, factors relating to the Exchange Offer, including actions taken by Choice in connection with suc

Business

Item 1. Business. Wyndham Hotels & Resorts, Inc. ("Wyndham Hotels", the "Company", "we", "our" or "us") is the world's largest hotel franchising company by number of hotels, with approximately 9,200 affiliated hotels with approximately 872,000 rooms located in over 95 countries and welcoming nearly 140 million guests annually worldwide. We operate a hotel portfolio of 24 brands. Our 24 brands are primarily located in secondary and tertiary cities and approximately 80% of the U.S. population lives within ten miles of at least one of our affiliated hotels. Our mission is to make hotel travel possible for all. Wherever 2 Table of Contents people go, Wyndham will be there to welcome them. We boast a remarkably asset-light business model dramatically limiting our capital needs and our exposure to the rising wage environment. The following chart presents the number of branded hotels associated with each of the five largest traditional hotel franchise companies as of December 31, 2023, except for Choice and IHG which are as of September 30, 2023: Source: Companies' public disclosures Our widely recognized brands with select-service focus offer a breadth of options for franchisees and a wide range of price points and experiences for our guests. We are a global leader in the economy and midscale chain scales where our brands represent approximately 30% of branded rooms in the United States. Additionally, we have a strong presence in the upper midscale chain scale. The following charts illustrate our system size (by rooms) as of December 31, 2023: ______________________ * Royalty contribution by geography for 2023 was as follows: U.S. 80%, Canada 5%, EMEA 7%, Asia Pacific 5% and LATAM 3%. ** LATAM is representative of Latin America and the Caribbean. *** EMEA is representative of Europe, the Middle East, Eurasia and Africa. 3 Table of Contents As of December 31, 2023, our brand portfolio consisted of the following: Global Full Year RevPAR North America

View Full Filing

View this 10-K filing on SEC EDGAR